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Japanese Approach to Growth
Support and Dynamic Capacity
Development
Izumi Ohno, GRIPS [email protected] (Room E-411)
International Development Policy
Lecture #3, February 19, 2018
Different Aid Philosophy by Donors
Historical factors affect the philosophy of foreign aid by donors (path dependence).
UK & France: From colonial administration to foreign aid relationship Charity, poverty reduction
US: National security American value such as democracy & market economy
Germany: Post-war recovery, “Social-Market Economy” & craftsmanship Vocational education & training, chambers of commerce
Japan: War reparation & post-war recovery, latecomer perspectives Self-help efforts, economic development, non-policy interference
Emerging Asian donors (Korea, China, India, etc.): Bringing new and non-Western perspectives?
Outline of Today’s Lecture
1. Japanese (and East Asian) perspectives of
aid and development Are they different from those of the West? If so,
how and why?
2. Japanese approach to growth support and
dynamic capacity development What are key features?
Complementarity to the Western way
3. Examples of Japanese growth support
Japanese Perspectives of Aid
and Development
Non-Western donor, having “dual experiences” of aid and development (recipient and donor)
Latecomer perspectives, based on its own catch-up experiences Growth strategy with “real-sector concern”: trade,
investment, industries, technology, human resources, etc.
Long-term perspective: development is a long-term undertaking and path-dependent in nature
Respect for each country’s uniqueness
Realistic and pragmatic approach in aid delivery
Aid for graduation (not for charity), self-help efforts
Post-War Japan as Aid Recipient
Donor
Donor
Donor
GARIOA・EROA Fund
(Bilateral Aid)
US$1.8bn (1946-51)
Loans
(Multilateral Aid)
US$860mn (1953-66)
Tokaido Shinkansen (Bullet Train)
Tokyo-Nagoya Expressway
World Bank
Repayment completed
in July 1990
Japan’s
miraculous
economic
recovery
Equivalent to
12 trillion yen
Equivalent to
6 trillion yen
Total of 31 infrastructure
projects financed by World
Bank (e.g., electric power
plants, irrigation)
Source: Ministry of Foreign Affairs
and the World Bank
Examples of World Bank Loans to Japan
Signing Ceremony
with the World Bank
Tokaido Shinkansen
(Bullet Train) Line: 1964
Tomei Expressway (Tokyo-
Shizuoka section) 1963
Tanagawa Thermal
Power Station: 1953
Public Water Project in
Aichi Prefecture: 1957
Photos: World Bank Tokyo Office Website
Kurobe No.4 Hydroelectric
Power Station: 1964
“Self-Help” Efforts: Meiji Japan Technology Transfer
Person PositionMonthlysalary
Mr. Cargill(British)
Advisor to the Railroad Dept., Ministry of Industry 2,000 yen
Mr. Kindle(British)
Advisor to the National Mint, Ministry of Finance 1,045 yen
Mr. Morrell(British)
Advisor to the Railroad Dept., ministry of Industry 850 yen
Mr. Kiplon(American)
Advisor on the development of Hokkaido 833 yen
Tomomi IwakuraUdaijin (equivalent to Prime Minister); chief of IwakuraMission to US and Europe
600 yen
Source: S. Sakamoto and T. Fukuda, eds., Shinsen Nihonshi Zuhyo (New Selection of Diagrams inJapanese History), Daiichi Gakushusha, 1998. Reprinted from K. Ohno, The Economic Developmetn ofJapan: The Path Traveled by Japan as a Developing Country , GRIPS Development Forum (2006).
Technical Experts(Graduates of Technical Univs. & High Schools)
0
2000
4000
6000
8000
10000
12000
14000
16000
1880 1890 1900 1910 1920
Private sector
Public sector
Source: Summarized from
K. Ohno The Economic
Development of Japan (2006),
pp.62-65
1. Foreign advisors (public and private sector)
2. Engineering education
(studying abroad, Institute of
Technology; technical high schools)
3. Copy production, reverse engineering,
technical cooperation agreements
(esp. automobiles, electrical machinery);
sogo shosha (trading companies) often intermediated such
cooperation
1st 2nd 3rd 4th 5th
Post-War
Reparation
(1954~63)
ODA Expansion
(1964~76)
ODA Doubling
Plans
(1977~88)
1946-51: Received US foreign aid (GARIOA & EROA)
1953-66: Received World Bank loans
1991: Repayments to WB completed
Top Donor
(1989~2000)
Era of Diversity
(2001~)
End of
Cold War
Evolution of Japan’s ODA Policy
Beyond
Aid
1964:OECD membership
1992: 1st ODA Charter
2003: 2nd ODA Charter
2015: new DC Charter
1954: Colombo Plan membership Medium-Term Goals
Of ODA Expansion
Note: A bar chart indicating the volume of Japan’s ODA in net disbursements, indicated in US dollars. Source: Elaborated by the author
Evolution of Japan’s ODA Policy (1)
Re-integration into the int’l community (1954-63):
Normalizing the relationship with Asia (post-war reparation)
and the int’l community (Colombo Plan).
ODA expansion (1964-76): Linked with Japan’s economic
growth and export promotion. Establishing aid agencies (JICA, ex-OECF, etc.)
ODA doubling plans (1977-88): As a primary instrument for
int’l contribution as non-military power. “Fukuda Doctrine” (1977) to build “heart-to-heart” relationship with
ASEAN, leading to “ASEAN Human Resource Development Project” (1981).
ODA loans to China (1978-2008), etc.
Surplus recycling, as a means to address US-Japan trade frictions (co-financing with WB SAL).
Evolution of Japan’s ODA Policy (2)
Top donor (1989-2000): Assuming broader global
responsibility, as a top donor. PKO to Cambodia (1992)
1st TICAD for African development (1993-)
Aid untying (1993-)
Coping with Asian financial crisis
Era of diversity (2001- present): Coping with diverse challenges (from growth promotion to MDGs, human security, peace building, global agenda…), while faced with severe ODA cut domestically.
Iraq and Afghanistan support
A series of ODA reforms, incl. new JICA (2008)
Post-2015 era… Aid + beyond aid?
Top 10 Recipient Countries of Japan’s
Bilateral ODA (net disbursement basis)
1970 1980 1990 2000 2010 20151 Indonesia Indonesia Indonesia Indonesia India Vietnam2 South Korea Bangladesh China Vietnam Vietnam India3 Pakistan Thailand Philippies China Afghanistan Banladesh4 India Burma Thailand Thailand Turkey Myanmar5 Philippines Egypt Bangladesh India Pakistan Iraq6 Thailand Pakistan Malaysia Philippies Sri Lanka Afghanistan7 Iran Philippines Turkey Pakistan Cambodia Angola8 Burma South Korea Pakistan Tanzania Iraq Kenya9 China Malyasia Sri Lanka Bangladesh Liberia Jordan
10 Singapore Sri Lanka Poland Peru Laos Uzbekistan
(Source) MOFA, White Paper on ODA/International Cooperation (each year)
Poverty Reduction and
Economic Growth
(1) Direct channel: Impacting the poor directly -- Basic services (health, education, water), rural infrastructure, etc.
(2) Market channel: Growth helps the poor via economic linkages (or “trickle down”)
-- Inter-sectoral and inter-regional labor migration
-- Increasing demand
-- Re-investment, etc.
(3) Policy channel: Supplementing the market channel and guiding the development process toward greater equality
-- Taxes, subsidies
-- Fiscal transfer, public investment, infrastructure
-- Micro and SME credit and other financial measures
-- Proper design of trade and investment policies
-- Pro-poor legal framework, etc.
Japanese Approach to Growth
Support and Dynamic Capacity
Development -- What are key features?
-- Complementarity to the Western way
Shigeru Ishikawa The British Model in Africa and the Japanese
Model in East Asia
Japanese aid is not based on the grand concept or theoretical system (like WB, UK, etc.)
Japan has traditionally given aid, without policy conditionality, on a request basis to projects proposed by the recipient govt.
Japan discusses and advises on the related development policies in a separate policy dialogue in which the two parties participate with independence and on equal footing. This has contributed to strengthening relationships of mutual trust.
Skeptical about WB & IMF views that structural reform policies can transform a developing country into a market economy; and that the market mechanism will automatically take care of modernization and industrialization of an industrial structure.
(Source) Shigeru Ishikawa, “Supporting Growth and Poverty Reduction: Toward Mutual Learning from
the British Model in Africa and the Japanese Model in East Asia” (GDF Discussion Paper#9, March 2005)
Toru Yanagihara “Framework” vs. “Ingredients” Approaches
There are two contrasting ways of understanding and analyzing economic development and structural adjustment.
In the “framework approach,” the central task of policy and institutional reforms is correcting distortions in the incentive scheme, defined by the policy environment and institutional arrangements.
By contrast, in the “ingredients approach,” policies and institutions are viewed as tangible inputs, like conventional factors of production, that shape the process of economic change.
Source: Toru Yanagihara (1998). Development and Dynamic Efficiency: “Framework Approach versus
“Ingredients Approach”, Chapter 4, Ohno & Ohno (1998).
“Framework” vs. “Ingredients”
Approaches (cont.)
Framework-oriented
(West)
Ingredients-oriented
(Japan and East Asia)
Emphasis on the framework of
an economic system and its
management
Rules of the game according to
which economic agents make
decisions and take action in a
given economy
【Examples】 Functions of the market
mechanism; the principles of government
intervention, budgets and public
investment; monitoring and evaluation;
administrative efficiency and accountability,
etc.
Emphasis on an economy as the
sum of component parts
Tangible organizational units
such as firms, official bureaus,
industrial projects and their
aggregations such as industries,
sectors and regions
【Examples】 Technologies; factors of
production; demand of trends, products
and commodities; industrial structures;
marketing and logistics efficiency in
individual industries and regions, etc.
Source: Toru Yanagihara (1998). Development and Dynamic Efficiency: “Framework Approach versus
“Ingredients Approach”, Chapter 4, Ohno & Ohno (1998).
UK Japan
Emphasis Innovation in infrastructure
financing—local currency
guarantee, project
development facility for
privately-financed
infrastructure, reaching the
poor, etc.
Building roads and bridges,
giving attention to location,
design & technology,
durability, regional
development
Modality of
assistance
Infrastructure Consortium
for Africa (G8 level)
General or Sectoral Budget
Support (infrastructure
expenditure)
Implementing through int’l
organizations (e.g., EU, WB,
AfDB) and multi-donor
facility (e.g., PIDG)
Project assistance
Aid agency staff involved in
feasibility studies (F/S) and
master plans (M/P) of
infrastructure projects.
(Example)
Assistance to Infrastructure Development
Capacity Development (CD)
To promote “self-help” efforts of developing countries to solve their own problems, Japan emphasizes cooperation toward comprehensive capacity development (CD) in such areas as human resource development and the design of policies and institutions--as well as the development of social and economic infrastructure.
CD as the process by which individuals,
organizations, institutions, and societies
develop “abilities” (individually and
collectively) to perform functions, solve
problems, and set and achieve objectives.
Source: UNDP (2002)
Outside actors cannot directly develop capacities in a partner country.
Ownership by the partner is vital.
Joint efforts with the participation of stakeholders in the partner country are important.
Long-term commitment is required.
Creating a sustainable mechanism after project completion.
Systemic thinking and program approaches.
A flexible approach responsive to the development needs and conditions of each country, issue, and sector.
Measuring and evaluating the long-term CD process.
Capacity Development: JICA’s
Views
Source: JICA, Capacity Development Handbook for JICA Staff: For Improving the Effectiveness and
Sustainability of JICA's Assistance, March 2004, pp.8-10.
Source: Koji Makino, “JICA’s Capacity Development Concept and Activities in Tanzania” March 2007
Knowledge
A
Knowledge C
Donor Partner Country
Transfer of
Knowledge Donor Partner Country
Knowledge
Creation
Knowledge Creation
Knowledge
B
Knowledge
A’ Knowledge
A
Key Features of Japanese
Approach to Growth Support
Goal orientation—striving for concrete vision, targets, roadmaps, and actions instead of general capability improvements.
Field (gemba) orientation—working on factory floor or crop field to solve concrete problems.
Joint work—transferring skills and knowledge to developing countries by working together (OJT); no parallel mechanisms.
Dynamic capacity development—step-by-step learning through concrete, hands-on-experience; and expectation of graduation from aid.
Pragmatism with real sector concern
Dynamic Capacity Development Improving capability with pride & hands-on experience
Goal orientation: long-term vision phased
strategies (“roadmap”) concrete action plans.
Direct most effort to perfecting your strengths rather
than correcting your general weaknesses.
Reform government (improve efficiency and
organization) to attain concrete policy targets (e.g., Japan under the Meiji era, S. Korea under President Park, P.R.
China SEZ under Deng Xiaoping)
Achieve successes one by one, and be proud.
Eventually, graduate from aid and become a donor
Good Governance Worldwide Governance Indicators (WGI: Kaufman Index)
WGI reports aggregate and individual governance indicators for 213 economies over the period 1996-2016 on the six dimensions of governance:
(i) voice & accountability; (ii) political stability & lack of violence;
(iii) government effectiveness; (iv) regulatory quality; (v) rule of
law; (vi) control of corruption
Source: World Bank WGI website,
Methodology developed by Kaufmann, Kraay, and Mastruzzi
Compiled the responses on the quality of governance given by a large number of enterprise, citizen and expert survey respondents in industrial and developing countries.
A list of desirable qualities of government?
Example: Latecomer Japan
Beats British Textile Industry
1883 Establishment of Cotton Spinning Industry Target: import substitution of cotton yarn (industrial input)
Actors: Eiichi Shibusawa (super business organizer)
Takeo Yamanobe (engineer studying in UK)
Action: establish Osaka Spinning Co. with sufficient scale and technical breakthrough
Result: instant success with a large number of followers; Japan overtakes UK as top textile exporter by early 20th century; The City of Osaka is called “Manchester of the Orient”
Shibusawa Yamanobe
Example: Korea’s Export-Oriented
Industrialization In July 1965, 13 items were selected for export promotion that were
considered to be superior in terms of the effects on the international division of labor, the balance of payments, as well as, having spillover effects on other industries.
For each of these industries, a deputy director (in the Ministry of Commerce and Industry) was tasked with providing financial and technical assistance.
Monthly Export Promotion Meetings were also established in 1966, chaired by the President Park Chung-hee, with MCI serving as the secretariat. Attended by high-ranking government officials and business representatives, the meetings provided a forum to monitor progress and devise institutional innovations and solutions to emerging problems.
From Despair to Hope: Economic
Policymaking in Korea 1945-1979
A Memoir by Kim Chung-yum, KDI (2011)
Monthly Export Promotion Meetings headed by President Park (in the late 60s)
Example: Pragmatism of
Deng Xiaoping in China
(In power 1978-97)
All for production increase rather than fighting for
political ideology (cf. Mao, in power 1949-76)
“Black Cat or White Cat” – capitalism (FDI) or
socialism (SOEs) does not matter as long as it
catches mice (increase production).
Special Economic Zones – creating good business
conditions in limited areas to receive investment.
Trial-and-error and flexible adjustment (“Even try
stock market and see”).
“Some get rich first, others can follow later.”
How can Japan Support? -- Examples of Japan’s Growth Support
with Dynamic CD
(1) If the country already has a good strategy, mobilize aid for concrete projects to realize the existing vision to support that strategy.
(2) Engage in long-term, open-ended policy dialogue (preferably followed by specific assistance).
(3) Build a core infrastructure with additional investments around it for comprehensive regional development.
(4) Provide missing elements (infrastructure, skills, technology, etc.) to entice (Japanese) firms to invest under open access and non-exclusivity principle.
(1) Mobilizing Aid to Support
Existing National Vision
Menu for industrial support is common. But, selectivity and
adjustment are needed to adapt to unique conditions of
each country. Japan has many aid tools for industrial
support:
Production and technology management
Industrial human resource training
Efficient logistics and marketing
Infrastructure (esp. transport and power)
Regional development planning
Creating necessary laws, standards, institutions
Removing negative impacts of industrialization
(Source) Senichi Kimura, ”Perspective of Asian ODA: JICA’s View”, May 26 2011, presentation at the Policy Dialogue session, International Symposium: Styles of Foreign Assistance, held in Seoul, South Korea.
1960 1970 1980 1990 2000 2010
50 years
Anniversary
Telecommunications
Training Center
(1960-)
Grant:
Construction
of facilities
(1960-61)
TC project
(1960-65)
Grant:
Construction
of facilities
(1974-75)
Telecommunications
College (1964-)
King Mongkut’s
Institute
of Technology
(1971-)
KMITL
(1982-)
SEED-Net ASEAN
University
Network /
Southeast Asia
Engineering
Education
Development
Network
Bachelor Master Doctor
Interregional
networking
Grant:
Construction
of facilities
(1984-86) TC project
(1978-83)
(1997-02)
TC project
(2003-2013)
Diploma Level:
Thailand King Mongkut's Institute of Technology Ladkrabang (KMITL)
Vietnam TVET-FDI Linkage
JICA has assisted Hanoi University of Industry
(HaUI) since 2000.
Phase I (2000-2005) – teaching machining & electronics
by providing experts & equipment
Phase II (2010-2013) – matching training programs with
labor needs of Japanese FDI
Phase III (now) – scaling up this model to other TVET
institutions in Vietnam
Tire factory
PVC pipe factory
Kaizen in Ethiopia (2009- , currently phase 3)
Driven by strong initiative of PM with JICA support
Shoe factory
(2) Japan’s Policy Dialogue with
Developing Countries
If the developmental vision is weak or if the nation
wants to learn Eastern way, Japan can engage in
policy dialogue for improving policies and building
mutual trust & understanding:
Intellectual cooperation between a developing country and an advanced one, held regularly over a few to several years with open and evolving agenda
Joint formulation of a vision and policies, building on mutual trust and understanding
Differ from technical assistance with narrowly prescribed ToR or standardized policy matrices
Strong commitment of a national leader of a developing country is needed
Policy Dialogue (Examples)
Argentina – Okita Mission, 1985-87; follow-up 1994-96
Vietnam – Ishikawa Project, 1995-2001
Thailand – Mizutani Report for upgrading SMEs and supporting industries, 1999
Indonesia – Continuous Government-Business Policy Dialogue: Urata Report for SMEs, 2000; Prof. Shiraishi & Asanuma for financial crises, 2002-04
Mongolia – Ueno, Hashimoto, 1998-2001
Myanmar – Prof. Odaka, 1999- (not successful); new policy dialogue recently started
Laos – Prof. Hara for overall development strategy, 2000-05
Ethiopia – GRIPS-JICA, 2009-present, for kaizen & policy methods
Ishikawa Project in Vietnam 1995-2001
Communist Party General Secretary Do Muoi requested Prof. Shigeru Ishikawa to study the Vietnamese economy. The bilateral project was agreed between two prime ministers.
JICA mobilized a large number of scholars and consultants. Prof. Ishikawa emphasized the spirit of mutual respect and joint work (and a lot of patience).
Topics covered: macro, budget & finance, industry, agriculture, trade, SOE reform, Asian financial crisis.
Continued dialogue—New Miyazawa Plan (1999), Vietnam-Japan Joint Initiative (2003-), GRIPS-NEU joint research (VDF, 2004-)
Into bilateral industrial actions: supporting industry promotion (2008-); new industrial strategy initiative (2011- )
Ishikawa Project in Vietnam
Phase 1 (95.8-96.6)
Macro-economy
Fiscal and monetary
policy
Industrial policy
Agricultural and rural
development
Follow-up Phase
(98.7-99.7)
General commentary
Fiscal and monetary
matters
Industry and trade
Agricultural and rural
development
Phase 2 (96.7-98.3)
Fiscal and monetary
policy
Participation in AFTA/
APEC/ WTO and
industrial policy
Agricultural and rural
development
SOE reform
Advise on the drafting
process of the 6th Five-
Year Plan
Advice on the
implementation issues of
the 6th Five-Year Plan,
including participation in
AFTA/APEC/WTO and
industrial policy
Advice on the emerging
issues arising from the
East Asian crises and the
economic integration
process
Advice on the
formulation of the 7th
Five-Year Plan
Joint research (2001- )
Agriculture and rural development (livestock, vegetable,
fruits and industrial crops, etc.)
Monetary policy under partial dollarization
Fiscal policy (introduction of personal income tax)
Trade and industrial policies in the age of integration
(NEU-JICA joint research program GRIPS-VDF)
Vietnam = Transition economy
+ Underdevelopment
Source: MPI and JICA, Study on the Economic Development Policy in
the Transition toward a Market-Oriented Economy In the Socialist Republic
of Viet Nam (Phase 3) Final Report Vol. General Commentary, 2001, pp.iii-vi.
JICA Vietnam Office, Executive Summary of “Ishikawa Project” Phase 3,
March 29, 2002.
Tasks:
•Macroeconomic stabilization
•Structural adjustment (systemic transition
to market economy)
•Long-term development strategy
Phase 3 (99.9-01.3)
General commentary
Fiscal and financial
reform
Trade and industry
Agricultural and rural
development
SOE reform and private
sector development
Follow up
Ethiopia-Japan
Industrial Policy Dialogue
Kaizen (JICA support) Phase 1 (2009-11)—30 pilot firms improved
Phase 2 (2011-14)—EKI established, 249 firms coached, a total of 409 kaizen consultants trained
Phase 3 (2015-2019)—advanced kaizen
Policy dialogue (by GRIPS & JICA) 18 sessions held so far with PM, ministers & operational level.
Also, letter exchange, policy proposals & third country missions.
Study concrete cases in Asia & Africa, and propose pragmatic policies based on Ethiopian reality.
JICA cooperation to facilitate implementation.
Late PM Meles requested Kaizen & policy dialogue with Japan on the
occasion of IPD-JICA Africa Taskforce Meeting (chaired by Prof. J.E.
Stiglitz) in Addis Ababa, July 2008.
Kaizen, in Japanese management, means “continuous improvement” of productivity and quality without additional cost, in a participatory process and a bottom-up approach
Africa Taskforce
Meeting Jul. 2008 Official launch
Jun. 2009
Preparation
Industrial Policy Dialogue
Final session
May 2011
Kaizen Phase 1 (30 pilot companies)
(With Germany)
JICA’s
Industrial
Cooperation Metal industry
survey
Kaizen Phase 2 (Institution & human resource)
Start Jan. 2012
Note: Black boxes indicate three-level policy dialogue in Addis Ababa (PM, ministers, operational level).
Phase 1 (2009-11) Phase 2 (2012-16)
Champion
Products
PM Meles PM Hailemariam
Preparatory
session
July 2016
Kaizen Phase 3 (Advanced level)
Branding &
promotion
2008 2010 2009 2013 2012 2011 2014 2015
PM Abe visit
2016
Malaysia
mission
TICAD V
Industrial Policy Dialogue & Kaizen
Phase 3 (2017-20)
Final session
Oct. 2015
Start Feb. 2017
Export
promotion
HH.
support
Industrial
Parks
2017
TICAD VI
2018
(3) Regional Development with
Core Infrastructure
Large infrastructure such as roads, ports and power
has broad effects.
Policies and aid should be organized around core
infrastructure for maximum impact.
Large city
EPZ
Rural development
Tourism
IZ
New Highway Port improve-ment
Truck terminal
One stop service FDI marketing Traffic safety Feeder roads Housing
Remote area or another country
Service delivery Micro finance Training
Commerce
Regional Development with Core
Infrastructure (Examples)
Greater Mekong Subregion – East-West and North-South Corridors for development of Indochina
Thailand – Eastern Seaboard: creation of industrial zones around a port infrastructure
Indonesia – Brantas River Basin development
Vietnam – Highway No.5 (Hanoi – Haiphong Port) for FDI attraction (industrial clusters)
Cambodia – Sihanoukville Port, power and telecom networks, special economic zone
El Salvador – La Union Port + regional development
India – Delhi-Mumbai Industrial Corridor for FDI attraction (industrial zone, PPP infrastructure)
Mozambique – Nacala Corridor for regional development
Infrastructure
construction
Institutional
reform
FDI
Industrial
cluster
Macroeconomic
iimpacts
(Source) Yasutami Shimomura, “The evolution of ‘aid,
investment, trade synthesis’ in China and Japan”, Ch.7,
The Rise of Asian Donors, eds. Sato and Shimomura,
Routledge, 2012, Figure 7.1, p.125
Public Sector (Aid) Private Sector
Industrial estates
(Laem Chabang,
Map Ta Put)
Ports, roads
Water pipelines &
dam
Railways
Industrial estates
(Amata Group,
Hemaarji Land
Group
Anchor firms
(automobile
industry)
Parts/materials
suppliers
(auto related
industries
Economic growth
Export growth
Job increase
One Stop Center
Industrial HRD
Regional Development with Core Infrastructure Evolution of Industrial Cluster (Thailand, Eastern Seaboard Development)
Indonesia: Brantas River Basin Development:
Regional development around hydropower and
irrigation
(Source: JBIC)